All Forum Posts by: Nathan Platter

Hey @Andrew Lemmie, this deal has moved on to another buyer, was purchased 2 weeks ago.

Hey @Joel Bouma, this deal has moved on to another buyer, was purchased 2 weeks ago.

Hey @Zephaniah Okpalanze, 

1. We can send you future addresses on a Private basis, wanting to preserve some privacy.
2. The prior owner self managed
3. Not certain what debt the prior owner had, this deal was selling for $175k
4. Needed cleanup but could be rented without repairs, so none required
5. Selling because they're wanting to 1031 into another deal

Can send you a DM with my number.

Hey @Benjamin Yoder-Henley

Welcome (back) to the Twin Cities. You'll be pleasantly surprised how much more affordable housing is here compared to Colorado (still pricey) but contractors are needed left and right.

Would be happy to flow you deals.

Hey @Alfonso Aguilar,

I haven't been to Daymond John's course, no. 

I knew someone that went to it and did the work but don't recall the content being anything extraordinary. They provide the framework for doing well and creating a functioning business but I'd guess most of the learning could also be found here on BP.

Hey @Curtis Shotliff,

My spouse got on board after we found a duplex in an A+ neighborhood. She was sold on living in a great area and was fine 'sharing' the backyard (though we seldom bumped into tenants) We house hacked the first one.

Hey @Latrell Anderson,

I've met a wholesaler who's actively seeking deals in Eagan/APple Valley/Burnsville, we're up in Edina (494 / 100

Would love to meet you sometime.

@Austin Hendrickson Some wholesalers buy deals with the intention of Assigning it, so in that case yes. Can't remember if MN allows Contract Assignments, but we Double Close so we end up buying the deal whether we're the end buyer or more of a pass-through buyer.

Hey @Cyrus Birchard,

Welcome to the forums! 

I agree with @Matt A. , it's better to have a wrong plan then tentatively the right plan. 

I can send you a referral for an HML we refer our clients over to (we wholesale residential deals) but aim to have conversatoins like, "I'm looking for ____ because we want to _____ and accomplish ____." In this case, "I'm looking for a dependable HML because we want to BRRRR properties and accomplish a higher income."

Hey @Sean Sloop

It's in your best interest to have your relative having their relative equity documented on the property or LLC.

From an IRS perspective, suppose you both contribute $10k and there's a total profit of $14k ($7k each). At the end of the year, the government will tax you based on $14k profits and government doesn't think your relative profited anything. You'd be paying twice.

From a legal perspective, you're talking about a JV (Joint venture), which is a legal document (3-7 pages), similar to an LLC but specific to one project/flip/property. LLC's can last for multiple deals/flips/projects.

You'll still want a lawyer to draft a JV Agreement.

Hey @Maggie Hanjani,

Welcome back to Minnesota!

Owner-occupying (often called "house hacking") is a great way to accumulate equity while experimenting with landlord life.

I wholesale properties through the Twin Cities, would be happy to help you find deals Realtors don't know about.

Walked a property today, homeowners are selling us their house next week.

Husband wanted to show us the garage, like REALLY wanted to show us the garage. Ok....

The house was cruddy, the garage contained this (1955 Ford Fairlane) Original engine and authentic 1955 license plate. It even runs and sounds like good ol' American Muscle. Selling it separate from the house.

What surprises have you found in your properties?